Bear Stearns Downgrades Seagate Technology

Seagate Technology (STX) posted third-quarter earnings per share of 53 cents. The storage company forecast $2.1 billion to $2.25 billion fourth-quarter revenue and 42-45 cents GAAP EPS, and $2.05-$2.08 fiscal year 2006 GAAP EPS. Bear Stearns downgraded the stock to peer perform from outperform.

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